Ticonderoga Maintains a 'Neutral' on Piper Jaffray (PJC); ECM Improving - Helps Offset Continued Weakness in Muni Issuance

Ticonderoga maintains a 'Neutral' on Piper Jaffray (NYSE: PJC).

Ticonderoga analyst says, "Muni issuance trends continue to be weak, but it appears as though muni trading and equity banking are picking up steam. Equity banking has historically been PJC's second largest revenue source behind equity trading. We are keeping our Q2'11 estimate unchanged for now, but bias is up if ECM trends continue. Shares now trade at 15.2x our 2011 EPS estimate of $2.36 and 13.5x our forward four-quarter EPS estimate of $2.66."

For more ratings news on Piper Jaffray click here and for the rating history of Piper Jaffray click here.

Shares of Piper Jaffray closed at $35.54 yesterday.

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